Preparing an Income Statement, Retained Earnings Statement, and Balance SheetDueÿ May 08, 11:59 PMNot SubmittedPOINTSÿ9ÿPractice/Simulation/Homework/Gameno new messagesObjectives:1.21.3InstructionsAssignment FilesGradingPurpose of AssignmentThe purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business.Assignment StepsResources:ÿFinancial Accounting: Tools for Business Decision Making,ÿp. 36Scenario:ÿOn June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:Cash$ 4,600Notes payable$12,000Accounts receivable4,000Accounts payable500Service revenue7,500Supplies expense1,000Supplies2,400Maintenance and repairs expense600Advertising expense400Utilities expense300Equipment26,000Salaries and wages expense1,400Common stock22,100In June, the company issues no additional stock but paid dividends of $1,400.ÿPrepareÿan income statement, retained earnings statement, and balance sheet analyzing your findings using the questions below, in a total of 1,050 words:Briefly address whether the company’s first month of operations was a success.Discuss the company’s decision to distribute a dividend.Useÿthe Excel?ÿspreadsheet to show your work andÿsubmitÿit with your analysis.Clickÿthe Assignment Files tab to submit your assignment.MaterialsPreparing an Income Statement, Retained Earnings Statement, and Balance Sheet Grading GuideWeek 1 Excel? SpreadsheetFinancial Accounting, Ch. 1: Introduction to Financial Statements

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